Tenax Therapeutics reports Q2 net loss of $10.9M; Phase 3 LEVEL study enrollment on track for H1 2026

TENAX THERAPEUTICS, INC.

2025-Q2 EPS reported -$0.56 vs consensus -$0.24 ▼ miss (-128.8%)

Net loss of $10.9M in Q2 2025 vs $3.6M in Q2 2024; R&D spend $6.1M, G&A $5.7M.
Cash and equivalents of $105.5M as of June 30, 2025, expected to fund operations through 2027.
Phase 3 LEVEL study (TNX-103) enrollment target of 230 patients; completion expected H1 2026, topline data H2 2026.
On track to initiate second Phase 3 study, LEVEL-2, in 2025 with over 85 sites in 15 countries qualified.
Canadian patent allowed for TNX-103/102/101 and metabolites in PH-HFpEF, extending protection to 2040.

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